Fed Chair Jerome Powell is slated to speak on Friday, which could set the tone for US rates and yields.
The greenback inched ahead of the yen as US Treasury yields climbed in anticipation of interest rates staying higher for longer.
In early trade, the Australian dollar, at US$0.6402, and the New Zealand dollar at US$0.5913 were slightly lower and uncomfortably close to last week’s nine-month lows after a rate cut in China disappointed market expectations. It last traded at 7.3011, though so far keeping off last week’s lows beyond 7.31, as that had brought state banks into spot markets in London and New York hours as buyers.
“We consider there is a growing risk that the Aussie dips below US$0.60 before year-end. It will likely take a big Chinese stimulus package focused on commodity-intensive infrastructure spending to turn around the downtrend.” Apart from waiting for news of stimulus in China, the upcoming Jackson Hole symposium – where Fed chair Jerome Powell is due to speak on Friday – is markets’ major focus and may set the direction for US yields.
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